Goldman Sachs: Maintain "Buy" rating on BILIBILI-W (09626) with target price raised to HKD 180

Goldman Sachs has released a research report stating that it maintains a "buy" rating on BILIBILI-W (09626), with a target price raised from 176 Hong Kong dollars to 180 Hong Kong dollars. It is expected that the higher gross profit of the gaming and advertising business will lead to an upgrade in profitability. The company's third quarter performance is roughly in line with expectations and has achieved a balanced profit and loss for the first time. The report pointed out that during a non-deal roadshow with BILIBILI management on November 15th (last Friday), the focus of the discussion included the continuous evolution of the business model driven by high-profit advertising and gaming businesses, even more robust and profitable. The company is expected to achieve a net profit margin of 10 to 15% by 2026. The report believes that this will support the continuous upward adjustment of market forecasts for the next 6 to 12 months.